Business
AeroVironment Acquires Progeny Systems Corporation’s Intelligent Systems Group, a Leading Provider of Artificial Intelligence-Enabled Machine Learning and Perceptive Autonomy Technologies and Services
Transaction significantly accelerates AeroVironment’s artificial intelligence and autonomy initiatives with best-in-class computer vision and machine
About this update from Aerovironment, Inc.
[{"type":"text","content":"\n\nTransaction significantly accelerates AeroVironment’s artificial intelligence and autonomy initiatives with best-in-class computer vision and machine perception capabilities\n\n\nIncreases AeroVironment’s customer-funded research and development revenue\n\n\nBroadens the scope of AeroVironment’s advanced robotic systems engineering services for defense and commercial customers\n\n\n SIMI VALLEY, Calif.--(BUSINESS WIRE)--\nAeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced it has acquired Progeny Systems Corporation’s Intelligent Systems Group (ISG), a leader in the development of artificial intelligence-enabled computer vision, machine learning and perceptive autonomy technologies and provider of related services to United States government customers. The acquisition will significantly accelerate AeroVironment’s development of advanced autonomy capabilities for the company’s growing portfolio of intelligent, multi-domain robotic systems, increase customer-funded research and development revenue and broaden its advanced engineering services offering to defense and commercial customers. Under the terms of the transaction, AeroVironment acquired ISG for $30 million in cash and an earnout for Progeny Systems Corporation of up to $6 million over three years, based on the achievement of specific performance targets.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210224005375/en/AeroVironment, Inc. accelerates artificial intelligence and autonomy initiatives with acquisition of Progeny Systems Corporation’s Intelligent Systems Group. (Graphic: Business Wire)\nFounded in 2006, ISG performs research and development to create highly innovative machine learning, active perception and autonomy capabilities for Department of Defense and intelligence community customers. ISG’s software performs high-volume, automated analysis of still and video imagery from a broad spectrum of sources, including satellites, unmanned aircraft and fixed cameras, to detect specific objects, perform change detection assessment or discern “pattern of life” activity. With more than $10 million in fiscal year 2020 revenue, ISG is based in Manassas, Virginia, and has 40 employees, all of whom are continuing in their current roles. The ISG team will ...